With widespread usage of credit cards, consumers may make payments for goods and services using credit cards instead of cash. Currently, due to advances in Internet technology, an increasing number of financial transactions are now performed in cyberspace rather than in person, and payment methods in cyberspace have been diversified accordingly.
For purchase and payment using a credit card in cyberspace, a user provides preregistered credit card information to a service equipment requesting payment for a product, and a related financial institution pays requested money to the service equipment. More specifically, when a user buys a product using a credit card, a financial institution ensuring credit of the credit card pays the seller for the product and the user makes a credit card payment to the financial institution. The user may directly enter the credit card information at the time of purchase or may use credit card information pre-stored in a terminal device. In most cases, the terminal device used to store credit card information is a mobile terminal carried by the user.
In the payment process, the financial institution simply confirms information directly input by a cardholder, in which case a serious security problem may arise. For example, a malicious user having already stolen financial information of an innocent user, in some way or another, may make a purchase and payment in cyberspace using the stolen financial information.
Accordingly there is a need for an improved method and system that permit only a properly authorized user to obtain approval for purchase and payment by verifying card information in a multifaceted way with respect to preregistered terminal hardware information, financial information and personal identification information so as to improve security.
The above information is presented as background information only to assist with an understanding of the present disclosure. No determination has been made, and no assertion is made, as to whether any of the above might be applicable as prior art with regard to the present disclosure.